TOTAL ASSETS 149, ,128

Transcription

1 KYM HOLDINGS BHD (Co. No A) INTERIM FINANCIAL REPORT CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 JAN 2017 As at As at RM'000 RM'000 ASSETS Non-current assets Property, plant and equipment 53,168 58,800 Investment property 41,262 39,220 Intangible asset 4,667 4,667 Other Investment , ,873 Current assets Inventories 19,592 20,138 Trade receivables 18,532 22,016 Other receivables 6,484 1,884 Tax recoverable 1,797 1,581 Short term investment 1,161 5,011 Cash and cash equivalents 2,772 1,625 50,338 52,255 TOTAL ASSETS 149, ,128 EQUITY AND LIABILITIES Equity attributable to owners of the Company Share capital 74,945 74,945 Share premium 35,436 35,436 ESOS reserve Accumulated losses (19,410) (20,077) 91,896 91,188 Non-controlling interests (1) 0 Total Equity 91,895 91,188 Non-current liabilities Borrowings 1,905 5,916 Deferred tax liabilities 9,765 9,725 11,670 15,641 Current liabilities Borrowings 23,197 26,539 Trade payables 12,890 9,610 Other payables 9,785 45,872 12,150 48,299 Total liabilities 57,542 63,940 TOTAL EQUITY AND LIABILITIES 149, ,128 Net assets per share attributable to ordinary equity holders of the parent (sen) The Condensed Consolidated Statements Of Financial Position (unaudited) should be read in conjuction with theannual Audited Financial Report for the year ended 31 January 2016.

2 KYM HOLDINGS BHD (Co. No A) INTERIM FINANCIAL REPORT CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD ENDED 31 JAN 2017 Continuing operations Current quarter ended 12 months cumulative for current financial year to date ended Comparable quarter ended Comparable 12 months cumulative for preceding financial year to date ended RM'000 RM'000 RM'000 RM'000 Revenue 24,853 96,003 24,592 99,171 Other income 1,037 3, ,844 Operating expenses (23,944) (96,721) (25,685) (100,796) Finance costs (386) (1,659) (585) (2,398) (Loss)/Profit before tax 1, (847) (2,177) Income tax expense (17) (25) 1, (Loss)/ Profit for the period from continuing operations 1, (1,240) Other Comprehensive Expenses For The Financial Year Total Compreshensive Expenses For The Financial Year 1, (1,240) (Loss)/ Profit After Taxation Attributable to: Owners of the Company 1, (1,240) Non-controlling interests (0) (0) 0 0 1, (1,240) Total Comprehensive Expenses Attributable to: Owners of the Company 1, (1,240) Non-controlling interests (0) (0) 0 0 1, (1,240) Earnings per share attributable to Owners of the Company (sen): Basic: (0.83) Diluted: N/A N/A The Condensed Consolidated Statements Of Comprehensive Income (unaudited) should be read in conjuction with the Annual Audited Financial Report for the year ended 31 January 2016.

3 KYM HOLDINGS BHD (Co. No A) INTERIM FINANCIAL REPORT CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE FINANCIAL PERIOD ENDED 31 JAN 2017 Year ended Year ended RM'000 RM'000 CASH FLOWS FOR OPERATING ACTIVITIES (Loss)/Profit before taxation: Continuing operations 660 (2,177) 660 (2,177) Adjustments for: Non cash items 4,509 4,665 Non-operating items 171 2,434 Operating profit before working capital changes 5,340 4,922 Net change in current assets (565) 11,875 Net change in current liabilties 2,300 (11,616) Cash generated from operations 7,074 5,181 Income tax refund 147 1,083 Income tax paid (363) (558) Interest paid (1,689) (2,329) Net cash for operating activities 5,170 3,377 CASH FLOWS FOR INVESTING ACTIVITIES Interest received 13 9 Proceeds from disposal of investment property - 9,000 Proceed from disposal of property, plant and equipment (642) 350 Purchase of property, plant and equipment 1,379 (1,021) Net cash for investing activities 830 8,657 CASH FLOWS FROM FINANCING ACTIVITIES Advance from/(repayment to) related parties (1,346) 389 Net drawdown of bankers's acceptances 1, (Repayment)/Drawdown of revolving credit (1,080) 190 Repayment of hire purchase obligations (539) (1,381) Repayment of term loan (6,471) (6,428) Net cash from financing activities (5,001) (11,423) NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD/YEAR (23) (634) CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD/YEAR 976 (23) CASH AND CASH EQUIVALENTS COMPRISE: Fixed deposits with licensed banks Short-term investment 1,161 5,011 Cash and bank balances 2,505 1,358 Bank overdraft (2,690) (6,392) 1, Less : Deposits pledged to licensed banks (267) (267) 976 (23) The Condensed Consolidated Statements Of Cash Flow (unaudited) should be read in conjuction with the Annual Audited Financial Report for the year ended 31 January 2016.

4 KYM HOLDINGS BHD (Co. No A) INTERIM FINANCIAL REPORT CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL PERIOD ENDED 31 JAN 2017 Non-Distributable Distributable Employee Attributable Share to Owners Non- Total Share Share Options Capital Revaluation Accumulated of the Controlling Equity Capital Premium Reserve Reserve Reserve Losses Company Interests RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 At 1 February ,945 35, (18,837) 92,428-92,428 Total comprehensive income for the year (1,240) (1,240) - (1,240) At 31 Jan ,945 35, (20,077) 91,188-91,188 At 1 February ,945 35, (20,077) 91,188-91,188 Loss after taxation for the financial year Contributions by and distributions to owners of the Company: - Revaluation of PPE arising from transfer PPE to IP Employees's share options forfeited - - (31) At 31 Jan ,945 35, (19,410) 91,896-91,895

5 KYM HOLDINGS BHD (Co. No A) INTERIM FINANCIAL REPORT ON CONSOLIDATED RESULT FOR THE FOURTH QUARTER ENDED 31 JAN 2017 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: A1 Basis of Preparation The interim financial statements of the Group are unaudited and have been prepared in accordance with Malaysia Financial Reporting Standards ( MFRS ) 134: Interim Financial Reporting issued by Malaysian Accounting Standards Board ( MASB ) and Paragraph 9.22 and Appendix 9B of the Listing Requirements of Bursa Malaysia Securities Berhad ( Bursa Malaysia ). The interim financial statements should be read in conjunction with the audited financial statements of the Group for the year ended 31 January The accounting policies and method of computations used in the preparation of the interim financial statements are consistent with those adopted in the annual audited financial statements for the year ended 31 January The Group has not early adopted new or revised standards and amendments to standards that have been issued but not yet effective for the accounting period beginning 1 February The initial application of the MFRSs, Amendments to MFRSs and IC Interpretation, which will be applied prospectively or which requires extended disclosures, is not expected to have any significant financial impact to the financial statements of the Group upon their first adoption. A2 Status of Audit Qualifications The audited financial statements of the Group for year ended 31 January 2016 were not subject to any audit qualification. A3 Seasonal or cyclical factors The Group s operations have not been materially affected by seasonal or cyclical factors. A4 Unusual Items affecting Assets, Liabilities, Equity, Net Income or Cash Flows There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the financial quarter ended 31 Jan A5 Material Changes in Estimates There were no material changes in estimates used in the preparation of the financial statements in the current financial quarter as compared with the previous financial quarters or previous financial year. 1

6 A6 Issuance, cancellation, repurchases, resale and repayments of debts and equity securities There were no issuance, cancellation, repurchases, resale and repayments of debt and equity securities during the current quarter under review. A7 Dividend Paid There was no dividend paid during the current quarter under review. A8 Segmental Reporting (Analysis by business segments) Segmental analysis of the results for 12 months ended 31 Jan 2017: Gross Profit/(Loss Segment Segment revenue ) before tax assets liabilities Manufacturing 109, ,618 58,111 Investment holding/others 2,509 21, , , ,925 22, , ,797 Elimination (15,922) (21,688) (158,854) (140,020) 96, ,640 47,777 Unallocated Assets 1,797 - Unallocated Liabilities - 9, ,437 57,542 The Group s turnover was fully contributed by the Group s core business, which is the manufacturing of industrial packaging. Gross Revenue Manufacturing 109,416 Less : Intercompany elimination (13,413) 96,003 Investment holdings/others 2,509 Less : Intercompany elimination (2,509) - 96,003 A9 Valuations of Property, Plant and Equipment The valuations of land and buildings have been bought forward without any amendments from the previous annual report. 2

7 A10 Material Subsequent Events There were no material transactions or events subsequent to the end of current quarter under review that have been reflected in the financial statement for the quarter. A11 Changes in Composition of the Group There were no changes in the composition of the Group during the financial year under review. A12 Changes in Contingent Liabilities and Contingent Assets There were no other significant changes in the contingent liabilities or contingent assets since the last financial year ended 31 January A13 Capital Commitments There were no capital commitments provided for in the financial statement for the quarter ended 31 Jan

8 ADDITIONAL INFORMATION REQUIRED BY THE BMSB'S LISTING REQUIREMENTS B1 Taxation The taxation for the Group for the financial period under review was as follows: Current Quarter Ended Cumulative Year to-date ended Taxation for current financial period Provision for RPGT for current period B2 Profit before taxation Profit before taxation is arrived at after charging/(crediting) the following: Current Quarter ended Cumulative Year to-date ended Interest expense 380 1,659 Depreciation and amortization 1,121 4,509 Foreign exchange loss/(gain) (34) (116) B3 Status of corporate proposal announced There were no corporate proposals announced during the quarter under review. B4 Borrowing and debt securities As at RM'000 Short term Secured 23,197 Unsecured - 23,197 Long term Secured 1,905 Unsecured - 1,905 The above borrowings are denominated in Ringgit Malaysia. 4

9 B5 Changes in Material Litigation As at the date of the report, there is no pending material litigation. B6 Material Changes in the Loss/Profit before Taxation for the current quarter compared with the preceding quarter The Group s turnover for the current quarter under review was RM24.85 million. This is a 2.43% increased from the recorded turnover of RM24.26 million in the preceding quarter. A profit before tax of RM1.56 million is recorded in the current quarter compared with a profit before tax of RM562,583 recorded in the preceding quarter. B7 Review of Performance Quarter ended compared with quarter ended The Group s turnover for the current quarter of RM24.85 million is 1.06% higher than that of the corresponding quarter from the previous year which stood at RM24.59 million. The Group recorded a profit before taxation for the current quarter of RM1.56 million compared to a loss before taxation of RM847,475 in the corresponding quarter from the previous year. This was primarily due to the improved profit from Hasrat Meranti Group and reduction in interest cost incurred on term loans. The Group s turnover was fully contributed by the Group s core business, which is the manufacturing of industrial packaging materials. Accordingly, the manufacturing revenue for the current quarter was RM24.85 million as compared to RM24.59 million for the corresponding quarter last year. Profit before taxation was RM1.31 million for the current quarter under review compared to a loss before tax of RM366,788 in the corresponding quarter last year. This was primarily due to the restructuring exercise carried out in Q on the corrugated carton box division and improved profit from Hasrat Meranti Group. For other segments, the current quarter profit before taxation was RM244,390 compared to the preceding financial year corresponding quarter loss before taxation of RM480,687. This was mainly due to the reduction in interest cost incurred on term loans. The Group is exposed to foreign currency risk on sales and purchase transactions and balance that are denominated in foreign currencies. The currencies giving rise to this risk are primarily United States Dollar, Euro and Singapore Dollar. Foreign currency risk is monitored closely on an ongoing basis to ensure that the net exposure is at an acceptable level. Current financial year ended against preceding financial year ended The Group s turnover for the current financial year of RM96 million is 3.19% lower than that of the preceding financial year of RM99.17 million. 5

10 The Group recorded a profit before taxation for the current financial year of RM660,492 compared to a loss before taxation of RM2.18 million in the preceding financial year. This was primarily due to the one-off cost incurred on the restructuring exercise carried out in Q on the corrugated carton box division which resulted in operational changes and reduction of headcount to adapt to change in the business environment and improved profit from Hasrat Meranti Group. The Group s turnover was fully contributed by the Group s core business, which is the manufacturing of industrial packaging materials. The manufacturing revenue for the current financial year was RM96 million as compared to RM99.17 million against preceding financial year. Profit before taxation was RM616,681 for current financial year compared to loss before taxation of RM643,744. This was primarily due to the one-off cost incurred on the restructuring exercise carried out in Q on the corrugated carton box division which resulted in operational changes and reduction of headcount to adapt to change in the business environment and improved profit from Hasrat Meranti Group. For other segments, the current financial year profit before taxation was RM43,811 compared to the preceding financial year loss before taxation of RM1.53 million. This was primarily due to the reduction in interest cost incurred on term loans. B8 Prospects Manufacturing will continue to be the core business of the Group. The Group maintains a cautiously positive outlook as the Group will be operating in a more challenging environment due to the volatility of the Ringgit Malaysia against the Euro and US Dollar as well as global economic uncertainty which could compress the Group s profit margin for the remaining quarters of the current financial year. B9 Profit forecast There is no published forecast/profit guarantee. B10 Dividend The Board of Directors does not recommend the payment of any dividend in respect of the financial period ended 31 Jan B11 Earnings per share attributable to owners of the Company (a) Basic earnings per share Current Quarter ended Cumulative Year to date ended Profit/(Loss) for the period 1, () Weighted average number of ordinary shares in issue ( 000) 149, ,890 Basic Earnings per share for 6

11 Current Quarter ended Cumulative Year to date ended profit/(loss) for the period (sen) (b) Diluted earnings per share Profit/(Loss) for the period () Weighted average number of ordinary shares in issue ( 000) Basic Earnings per share for profit/(loss) for the period (sen) , , Disclosure of realised and unrealised profits/losses Current Quarter ended As at the end of the last financial year ended Total (accumulated losses)/ retained profits of the Company and its subsidiaries: - realized (127,561) (108,949) - unrealized 51,483 31,993 (76,078) (75,956) Consolidation adjustments 56,668 56,879 Total group accumulated losses as per consolidated accounts (19,410) (20,077) By Order of the Board CHEE MIN ER Company Secretary Kuala Lumpur 30 March 2017 c.c. Securities Commission 7